Trends in the Market

Trending in the Market: The only constant is change

The only constant in the healthcare industry is change, therefore identifying trends is often a month-to-month endeavor.  Following numerous interviews with experts and extensive research, I received a wide variety of input and opinions – sometimes contradicting answers to the same question! However, after careful review, the following responses were unanimous. And I’ve found plenty of other evidence to back it up.

What’s “trending in the market?” That’s easy. In the past year, the industry has adapted, and like corporate America, the provider market is redefining itself. Providers who would never have considered leaving the big city are open to escaping the chaos. Medical providers have been on the front lines of this pandemic, and it’s starting to take its toll. Like their patients, providers in the market are focusing on their physical and mental wellbeing as they evaluate new opportunities.  As a result, now more than ever, comes the need for adaptability and collaboration from every aspect of the healthcare industry.

Here are the results of my interviewing process – the trends in the market, so to speak:

1. Healthcare providers look at several different factors when considering new job opportunities, but Quality of Life is trending to be one of the most important. The job fit for the candidate, albeit important, means very little without a community fit for the family, or a desired work/life balance. It is, therefore, important to engage with a candidate as a partnership to ensure all bases are covered at the beginning of the recruitment process.
2. Some of the biggest needs we’ve seen in the last year are for Neurology, Neurohospitalists, Primary Care (of course), and behavioral health providers of all shapes and sizes. According to Mental Health America, the number of people who took their anxiety screen increased by 93% in 2020 when compared to 2019.[1] This patient demand for more access along with the recent surge in FQHC funding for mental health programs has driven demand for Psychiatrists, Child & Adolescent Psychiatrists, LCSWs, and Clinical Psychologists.[2]
3. This increase in demand comes at a cost as Psychiatrists are now some of the most challenging providers to place. Beyond supply and demand factors, behavioral health providers have had a tough year seeing more patients than ever, often in a virtual space. Like their patients, Psychiatrists, are seeking practices that support their overall mental and physical health/quality of life. Meaning that they’re being very selective with nearly limitless options to consider. The detailed questions in the screening process are critically important and dialogue must shift to non-clinical preferences.
4. The roll back of telehealth restrictions during the peak of the pandemic played a vital role in expanding access. An unintended consequence is that some Providers have seen there is a new way to practice, and it’s created quite the identify crisis. We now see a percentage of providers looking for these “remote” opportunities in the same way Americans everywhere are looking for remote opportunities even as the pandemic draws to a close. Time will tell how this might impact the provider market and what will happen with the telehealth restrictions.  Even if just a small percentage of these providers pursue the flexibility provided by at-home/partially at-home opportunities, the reduction in patient access could have far reaching negative impacts on the physician shortage.
5. The most common theme across the board was the resiliency of the healthcare industry in the past year: though the world was forced to slow down, healthcare never did. It’s been said that the healthcare industry is recession-proof, and the pandemic offered further proof that it could be true. FQHCs specifically played a huge role in helping the community during this time, from vaccine delivery to COVID testing, without the fanfare they certainly deserve.[3]
6. The market for employers is getting increasingly competitive as hiring initiatives ramp up post-pandemic. As some slowed down or paused recruitment efforts during the pandemic, they found themselves behind and facing a candidate-driven environment. The market is as chaotic as ever, and there are opportunities to capitalize on the recruitment of providers who would have never been targets in the past.
7. Reliance on Zoom meetings and virtual site visits has given the recruitment process a transactional feel. As the pandemic slows down, we believe the return of in-person visits will become imperative. Especially for those organizations who have geographic challenges where a more personable approach to recruiting is necessary to hire the providers their community and patients need.

[1] “The State of Mental Health in America,” Mental Health America, mhanational.org/issues/state-mental-health-america.

[2] UHC Solutions, “Behavioral Health Expansion – How FQHCs Can Participate,” UHC Solutions, 29 May 2020, uhcsolutions.com/behavioral-health-expansion-how-fqhcs-can-participate/.

[3]  Jason Halperin, et al., “The Vital Role of a Federally Qualified Community Health Center in New Orleans, Louisiana, During the COVID-19 Pandemic,” The Journal of Ambulatory Care Management, Wolters Kluwer Health, Inc., 2021, www.ncbi.nlm.nih.gov/pmc/articles/PMC7688080/.